Burn Company and Indian Standard Wagon Company (Nationalisation) Act : POWER OF THE CENTRAL GOVERNMENT TO

Burn Company and Indian Standard Wagon Company (Nationalisation) Act ,1976

Act No : 97

Section : POWER OF THE CENTRAL GOVERNMENT TO DIRECT VESTING OF THE UNDERTAKINGS OF THE TWO COMPANIES IN A GOVERNMENT COMPANY

SECTION 06: POWER OF THE CENTRAL GOVERNMENT TO DIRECT VESTING OF THE UNDERTAKINGS OF THE TWO COMPANIES IN A GOVERNMENT COMPANY

( 1 ) Notwithstanding anything contained in sections 3-and4-, the Central Government may, if it is satisfied that a Government company is willing to comply, or has complied, with such terms and condition as that Government may think fit to impose, direct by notification, that the undertakings of the two companies and the right, title and interest of the two companies in relation to their respective undertakings which have vested in that Government under section 3-, and such of the liabilities of the two companies as are specified in sub-section (2) ofsection 5-, shall, instead of continuing lo vest in the Central Government, vest in the Government company either or the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification.

(2) Where the right, title and interest, and the liabilities referred to in sub-section

(2) ofsection 5-, of each of the two companies, in relation to its undertakings, vest in a Government company under sub-section (1), the Government company shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings, and all the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become the rights and liabilities' respectively, of the Government company.